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Principal (consulting partner) is an equity owner of the firm. Generally they make more in the long run - and have some privileges MDs don’t. But early on with buying in and a more variable comp model, you might make less initially. You’ll have to walk a bit before you can run (if you call this kind of money walking) but if you’re successful you’d likely come out ahead.
MD is a non-equity partner that draws a salary that can vary significantly across the 300K to a lot more range. Less security because you are an employee they can just let go (and vice-versa, you can leave more easily). Some specialized or highly successful MDs can make principal money, but generally it is less in the long run.
No, I used to work at Deloitte - apologies. The above is true for uncle d to the best of my knowledge.
That said, I left at manager so if I’m wrong - uncle d friends correct me :)